What's in the fiscal cliff deal

A deal to avert the fiscal cliff has begun to take shape. While the details of the deal can always change as legislation moves through each chamber, here’s what we know at this point:

Income taxes: An increase to a 39.6 percent for individuals making more than $400,000 a year and families making more than $450,000. The previous for those earners was 35 percent.

Payroll tax: The small cut in the Social Security tax for all earners will be allowed to expire.

Alternative minimum tax: A permanent patch to keep more Americans from being subject to the increased tax level, which would have affected an estimated 30 million taxpayers next year.

Dividends and capital gains: Taxed at 20 percent for individuals making at least $400,000 and $450,000 for families.

PEP and Pease deduction caps: The Personal Exemption Phase-out will be reinstated with a starting threshold for those making $250,000. The “Pease” deduction will be reinstated for those making $300,000 or more. Under former President George W. Bush, these deduction caps were suspended.

Estate tax: The estate tax will have a $10 million exemption per a couple with additional inheritance taxed at 40 percent.

Unemployment benefits: Additional benefits for the long-term unemployed are extended through the end of 2013. Those benefits expired on Friday.

Business tax credits: Tax credits for businesses, including Research and Experimentation Tax Credit and the Production Tax Credit, are extended through the end of 2013.

Stimulus tax credits: A five-year extension of tax credits largely used by lower- and middle-class workers that were expanded as part of the stimulus, including the Child Tax Credit, Earned Income Tax Credit and college tuition tax credit.

The government manufactures a crisis - the 'fiscal cliff' - and then 'compromises' to resolve the manufactured crisis.

Well whoopdee-do! It's all very impressive if you're a simpleton.

But the net gain is zero. We're no better off. Things are getting worse. Spending is still out of control.

In fact, at over $16 Trillion national debt, we're now up againt the next debt ceiling, beyond the ceiling that triggered this entire 'fiscal cliff' tempest in a teapot farce. The entire reason for this 'fiscal cliff' charade is a refusal control the spending, leading to repeatedly overspending to levels that exceed the now meaningless 'debt ceiling' spending constraints. It's insanity!

And what a useless Obama press conference! The useful idiot props that they march in for a contrived backdrop are getting to be such a ridiculously predictable cliche as to induce severe nausea .

it seems likely that the $10 million exemption for estate and gift taxes represents the doubling of the current (until the ball drops in Times Square) $5 million exemption available for married couples